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Tesla Motors unveils the new lower-priced Model 3 sedan at the Tesla Motors design studio March 31, 2016, in Hawthorne, Calif.

Tesla's cheaper Model 3 electric car goes on sale this Friday



Tesla's lower-priced Model 3 electric car will go on sale on Friday, according to Elon Musk.

The Tesla Motors CEO tweeted the news Monday morning, saying the highly-anticipated "car for the masses" had passed production regulatory requirements two weeks ahead of schedule.

Musk said he anticipated production would reach 20,000 per month by December. He also tweeted there would be a handover party for the first 30 Model 3 customers.

The Model 3 car is set to start around $35,000. A $7,500 federal electric tax car credit could slash the cost down to $27,500 -- which is cheaper than other cars in the fleet, running from $68,000 and up. The sporty vehicle fits five people and will be able to go 215 miles before needing a recharge.

To secure a car, drivers will have to put down a $1,000 and may not get a car until 2018. As the Associated Press notes, Tesla hasn't always had the best track record for meeting its production goals and even if the Model 3 is on time, Tesla will still have to increase its charging stations and stores by at least 30 percent to service the swath of new customers.

On Twitter, not everyone was as skeptical about Tesla's ability to deliver.

Others were hoping Musk had more to share.

In the meantime, rival car makers like are lining up to match Tesla's efforts both with electric cars and in their attempts to develop self-driving cars.

The Associated Press contributed to this report.

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